Budgeting for a Once-in-a-Lifetime Experience
Large dreams cost money. Have you daydreamed about your ultimate, once-in-a-lifetime adventure? Does it involve a hot air balloon ride over the French Countryside, a journey on the Orient Express, a culinary adventure through Southeast Asia, or renting a luxury yacht for an extended sea voyage? When you indulge in your thoughts, do you long for a plush journey to a distant location? Would you prefer an educational encounter, such as a master class with an esteemed artist? Or do you envision gathering the entire family for a memorable celebration?
No matter what your ultimate fantasy is, you can make arrangements for it today. A wonderful memory can last for a lifetime, and by taking the first step today, you can potentially transform that once-in-a-lifetime adventure from your wish list to your calendar.
Do Your Research
To transform your reveries into reality, you'll eventually need to understand where your desires intersect with reality. Careful research can help you avoid unexpected roadblocks. For instance, let's say you'd like to organize a private yacht cruise to the Caribbean with your close friends and loved ones. Where should you begin the journey from? Depending on the time of the year, a two-week yacht excursion that originates in New York City, explores the Caribbean, and concludes in Ft. Lauderdale, may cost roughly $10,000 per person. Additionally, you'll need to include air or train travel expenses for each member of your group to arrive in New York and return home from Florida.1
Conducting research will not only help narrow down your options, but it can also be an opportunity to think more broadly before getting practical. It's a chance to let your imagination go crazy. If you plan to pursue grand ideas, you might as well explore what's feasible.
Plan Your Timing
Tropical regions are renowned for their sunny climate. However, you might find that one season is more affordable, is it because of constant rainfall? It's crucial to verify that you're considering the appropriate time of year for your big event.
When it comes to a Caribbean yacht journey, you would most likely envision sunny weather, so ensure that you're scheduling around the ideal climate. For a city like New York, holidays from Thanksgiving to New Year's are festive and well-received, or you could choose summer, when numerous outdoor events take place.2
Prepare for the Unexpected
It's wise to consider travel and health insurance. Although no one wants to anticipate any unpleasant circumstances, it's better to err on the side of caution. The less you have to fret about, the more you can concentrate on enjoying your experience.
The "unexpected" could also be a pleasant surprise that you come across during your adventure. What if you impulsively decide to extend your stay by an additional week? If you're reveling in your experience and have the resources, why not? Once more, preparation is crucial, and putting aside some extra "fun funds" is one way to be prepared to seize an opportunity or indulge a whim. While the level of luxury differs for each person, it's always a good idea to have the flexibility to change course, regardless of the situation or chance that arises.
Preparing at Home
There are so many ways to prepare from the comfort of your home. If your unique experience involves traveling outside of the United States, you will likely need to ensure that your vaccinations are up to date. Verify your immunization records and consult a healthcare provider to learn about any suggested precautions.
Learning some basic phrases, whether or not you speak the languages you may encounter on an international journey, can be advantageous. New language-learning apps can streamline this process. If your children or grandchildren are accompanying you, you can even turn it into a fun family activity and practice the phrases together while anticipating the trip.
Who Can Help?
A "once-in-a-lifetime" experience is worth doing right. As you make wise decisions to sustain your lifestyle in retirement, prepare for events such as education and leaving a charitable legacy, remember that your wealth is also meant to be enjoyed. It's crucial to keep in mind that money can be a pathway to something more significant, and as they say, you can't take it with you.
If you haven't discussed your "big dream" once-in-a-lifetime experience with your financial advisor, it's worth considering. Depending on the nature of your dream, they can assist you in planning for major expenses and may have additional resources to help make it more attainable. With the finances in place and all of the necessary preparations made, you can concentrate on enjoying your incredible experience without any concerns.
Don't let anything stop you from achieving your dreams. With determination, preparation, and a willingness to explore, you can turn a lifelong dream into reality and create beautiful memories that will last for years to come.